Here's the transcript, as much of it as we can make out (from C-Span, the Washington Post, and other sources):

COLLINS: “I swear, OMB [Trump's Office of Management and Budget] just went through and whenever there was ‘grant,’ they just X it out. With no measurement, no thinking about it, no metrics, no nothing. It’s just incredibly irresponsible.”

REED: “Yes, I think — I think he’s crazy, I mean, I don’t say that lightly and as a kind of a goofy guy.”

COLLINS: “I’m worried,”

REED: “Oof, You know, this thing — if we don’t get a budget deal, we’re going to be paralyzed.”

COLLINS: “I know,”

REED: “[Department of Defense] is going to be paralyzed, everybody is going to be paralyzed,”

COLLINS: “I don’t think he knows there is a [Budget Control Act] or anything,”

...

COLLINS: “Did you see the one who challenged me to a duel?”

REED: “I know, trust me. Do you know why he challenged you to a duel? ‘Cause you could beat the s— out of him.”

COLLINS: “Well, he’s huge, and he — I don’t mean to be unkind, but he’s so unattractive it’s unbelievable. Did you see the picture of him in his pajamas next to this Playboy bunny?”

Collins was referring to Representative Blake Farenthold of Texas, who said that he would have challenged Collins to a duel if she were a man, over her opposition to proceeding to debate on the Senate version of President Donald Trump's health care repeal vote.